Bitcoin trader Jacob Burrell Campos was sentenced on April 8, 2019, to serve a two-year prison sentence and to forfeit more than $800,000 “for operating an unlicensed money transmitting business.”The U.S. Department of Justice (DOJ) announced the conclusion of this case on its official website, claiming that Campos had already been in custody without bail for eight months prior to this verdict. He entered a guilty plea in late October, the DOJ stated, “admitting that he operated a Bitcoin exchange without registering with the Financial Crimes Enforcement Network (FinCEN) of the U.S. Department of Treasury, and without implementing the required anti-money laundering safeguards.”A Mexican-born, U.S. citizen, Campos moved more than $1 million between the two nations with the help of several associates, all without reporting the transfers. Other than this, however, the majority of the actual crimes the DOJ charged him with involve the running of what is essentially an unlicensed exchange, with no anti-money laundering or due diligence measures.The DOJ has long shown interest in financial crimes that involve crypto assets and prosecuting criminals using new methods. As early as 2015, for example, when the value of one bitcoin had yet to surpass $1,000, the DOJ hosted a summit for regulators, law enforcement and cryptocurrency stakeholders. Its efforts to stay on top of the crypto industry have persisted ever since, particularly w...
